Deutsche Bank agrees to pay $125 million in fines following the bribery deal
Deutsche Bank is entering a deal, agreeing to pay fines equal to 125 million dollars for attempts to bribe officials in several countries in order to be able to win or expand its business there. The list of countries includes China, Italy, UAE, and Saudi Arabia.
In the banks’ financial records, millions of dollars were indicated as ‘referral fee’ or ‘consultation fee’, which, according to the federal investigative authorities in the US, are considered as bribes, which were given for years to people who could ‘fix the issues’. Thus, bank officials were connected to those countries’ officials to agree on their business interests between 2009 and 2016. The total sum of bribes is calculated at the level of $7 million. Thus, the sum of the fine is 17.8 times more than those bribes.
The deal was started by the Justice Department and the Securities and Exchange Commission in the US. They believe that this money was able to bring financial gains to the bank equal to $35 million.